Pan American Silver Corp.
Pan American Silver Corp. is a Toronto-headquartered precious metals producer, listed on the TSX and NYSE, with mines across the Americas. Despite its name, gold is now its leading metal: gold earned 68.6% of its 2025 attributable metal revenue and silver 24.9%, and gold also led in the second quarter of 2026 (57.6% against 36.2%). Its Gold Segment includes Jacobina in Brazil, El Peñón and Minera Florida in Chile, Shahuindo in Peru and Timmins in Canada. Its Silver Segment includes La Colorada and a 44% interest in Juanicipio in Mexico (operated by Fresnillo plc and acquired with MAG Silver in September 2025), Cerro Moro in Argentina, Huaron in Peru and San Vicente in Bolivia. As at 30 June 2026 its attributable Measured and Indicated resources, inclusive of reserves, contain 12,886,000 oz of gold, counting gold at the mines where it is a main metal, and 1,637.8 Moz of silver. Michael Steinmann is Chief Executive Officer.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
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Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 17%La Colorada Skarn Project
- 37 yrsLa Colorada Skarn Project
Jurisdiction (40%)6/10
Pan American's Silver Segment (La Colorada and its 44% interest in Juanicipio in Mexico, Cerro Moro in Argentina, Huaron in Peru and San Vicente in Bolivia) and Gold Segment (Jacobina in Brazil, El Peñón and Minera Florida in Chile, Shahuindo in Peru and Timmins in Canada) span seven countries. Its Dolores mine in Mexico finished mining in 2024 and is in residual leaching until about the end of 2026. Score anchored to Mexico, where the flagship La Colorada mine is, not a blended company-wide figure.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at La Colorada Mine.
Nearby producing mine (20%)9.2/10
Sabinas (Industrias Penoles, S.A.B. de C.V.) is 32 km away -- within regional-platform range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not yet researched
Holder register not researched yet
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:6.8/10
Nearest producing mine: Sabinas (Industrias Penoles, S.A.B. de C.V.), 32 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Mexico: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and Chief Executive Officer of Pan American Silver Corp. since 2016 (director since 2016; joined the company in 2004, rising through increasingly senior roles). Before Pan American, Manager of Geology and Business Development for Glencore in South America (1998-2004). PhD in Natural Science (Geology), Swiss Federal Institute of Technology (ETHZ).
Chief Financial Officer of Pan American Silver Corp. since 1 Mar 2022, succeeding Rob Doyle. Before Pan American, worked at Minera Antamina and Rio Algom Ltd. BSc in Geological Engineering, Queen's University; MBA, McGill University. Dual Peruvian/Canadian citizen.
Independent Chairwoman of the Board of Pan American Silver Corp. since 2021.
Director of Pan American Silver Corp., appointed 30 April 2026. Head of Base Metals at Appian Capital Advisory. CEO and Board Member of Hochschild Mining plc, Lima, Peru (2010-2023), having previously served as its Chief Operating Officer (2008-2010) and General Manager of its Peruvian Operations (2007-2008). Also a director of Antofagasta plc.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Not scored. Smart-money tracking covers companies below about US$5B in market cap, where a single specialist fund or strategic investor taking a stake is a meaningful signal. This company was above that size when it was assessed.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Pan American Silver runs gold and silver mines across the Americas, and gold is its primary metal (68.6% of 2025 attributable metal revenue). Its statement of mineral reserves and resources as at 30 June 2026 (released 16 September 2026), which includes the 44% Juanicipio interest acquired with MAG Silver, gives 12,886,000 oz of attributable gold in Measured and Indicated resources inclusive of reserves (Measured 4,848,000 oz, Indicated 8,038,000 oz), plus 6,923,000 oz Inferred. Gold is counted at Cerro Moro, Manantial Espejo and every Gold Segment mine; the by-product gold at La Colorada, Juanicipio and Escobal is left out. The same statement holds 1,637.8 Moz of silver: 511.1 Moz of reserves plus 1,126.7 Moz of other Measured and Indicated resources. The La Colorada Skarn growth project's March 2026 PEA (after-tax NPV5% of US$2.6B, 17% IRR, US$1.9B initial capital at US$45/oz silver) is shown under that project.